No one in this thread (as I recall) has challenged the notion that Amex has lowered its lending standards; on this point, we can agree. In fact, many of us have benefitted from it, including the OP.
Our argument diverges because we differ as to what constitutes the source of Amex's prestige.
If Amex's prestige stems from its approval criteria, then OP may be correct as though standards have been lowered.
If Amex's prestige comes from marketing and image-building, then I am correct. If the source of the prestige came from lending practices alone, why bother spending millions of dollars with advertising to the masses who likely wouldn't qualify? Because Amex wanted to build an image of prestige and exclusivity among its consumers and its wannabe consumers.
Upon further thought, it seems as though both points hold much validity and in fact it was Amex's TOTAL business strategy (lending PLUS marketing) that fostered its image of prestige. If either part is lacking, it makes for a less prestigious Amex.
Message Edited by lurknomore on
02-06-2008 08:11 AM
